Dáil Éireann Debate, Thursday - 14 July 2022
301. Deputy Pearse Doherty asked the Minister for Finance the estimated cost to the Exchequer of increasing the threshold at which the 2% rate of USC applies from €21,295 to €23,322 and €25,350, respectively. [39465/22]
View answer302. Deputy Pearse Doherty asked the Minister for Finance the estimated cost to the Exchequer of reducing the 2% rate of USC to 1% and simultaneously increasing the threshold at which this 1% rate would be applied from €21,295 to €23,322 and €25,350, respectively. [39466/22]
View answerI propose to take Questions Nos. 301 and 302 together.
I am advised by Revenue that the following table sets out the estimated costs to the Exchequer, on a first and full year basis, of the scenarios outlined in the table.
|
Scenario |
First Year Cost €m |
Full Year Cost €m |
|
Increase 2nd USC band upper limit by €2,027 |
75 |
85 |
|
Increase 2nd USC band upper limit by €4,055 |
145 |
165 |
I am further advised by Revenue that the table below sets out the estimated costs to the Exchequer, on a first and full year basis, of the different scenarios outlined in the table. For the purposes of these estimates, the 2% rate of USC was reduced to 1% and the 1% rate applied to the full revised band.
|
Scenario |
First Year Cost €m |
Full Year Cost €m |
|
Increase 2nd USC band upper limit by €2,027 and reduce the rate to 1% |
305 |
350 |
|
Increase 2nd USC band upper limit by €4,055 and reduce the rate to 1% |
400 |
460 |
